Customer service and client retention have always preoccupied financial services firms, which must respond quickly and precisely to changing client needs. In an industry facing the challenge of commoditized offerings for a population with more choices than ever before, exceptional service is critical.

Whether transacting or accounting, the financial industry relies heavily on data to service clients; without current and reliable information at their fingertips, account managers can’t do their jobs. Gathering this data – account balances, investment offerings, time-sensitive opportunity information – within a firm has always been a challenge. Studies show that up to 30 percent of an account executive’s time is spent searching for data – time that could be much better spent on clients themselves.

“A complete picture of account data is becoming a necessity for financial firms to competitively service clients,” said Jason Rushforth, Pivotal CRM global vice president of financial services at CDC Software, a leading enterprise software company. “A holistic view is needed to profile the client’s needs today – and anticipate their needs tomorrow.”

Achieving a Holistic Client View

Firms’ client account data often resides in isolated data silos, requiring several stops to piece together a complete profile. CDC Software’s Pivotal CRM for Financial Services has led the client relationship management industry by making front- , middle- and back-office customer information, as well as third-party information such as money-market data, accessible through a single software solution, allowing account executives to better source and act on views of client holdings, investment biases, and a host of demographics. Moreover, the company has responded to the unique needs of financial services firms.

“Data needs and client engagement models vary widely across different lines of business within financial services,” said Rushforth. “A generic CRM system – or even one designed for ‘financial services’ generally – may not meet the complex needs of a given group or firm, and achieving a better fit may require costly and lengthy customization.” In response, CDC Software has developed “microvertical”-tailored Pivotal CRM solutions for commercial banking, wealth management, mutual fund wholesaling, capital markets, and institutional asset management, which closely reflect the data needs and processes of these lines of business. These solutions can be implemented as standalone CRM systems or in combination – for the many firms that operate across multiple business areas, this can open new opportunities for cross-selling and deepening the client relationship.

Leveraging Deeper Insight

Achieving a fuller, clearer picture of client circumstances and interests produces manifold benefits, including an improved ability for proactive account management. With deeper client insight, users can identify and act on opportunities suggested by impending events.

For example, a large regional bank with a brisk insurance business using Pivotal CRM has discovered this benefit with family accounts in which a family member will soon turn driving-age. “Much of the benefit of the system is in timing,” said Rushforth. “If account executives are able to determine when someone in a client family will be obtaining their driver’s license, that’s an opportunity.” By leveraging this timely information, the bank has seen an upswing in its sales of auto insurance.

Extending Value

Through a longstanding Gold Certified Microsoft partnership, Pivotal CRM has evolved in lock-step with Microsoft technologies, providing additional value in the Microsoft-dominated financial services industry. Pivotal CRM is seamlessly integrated with Microsoft Outlook and other Microsoft applications, allowing users to work with programs and interfaces with which they’re already familiar. This reduces training time and helps financial firms leverage their existing investments.

Another way in which CDC Software is extending the value of Pivotal CRM is by making the same rich, full picture of client data available to users on mobile devices. As account managers are increasingly mobile, Pivotal CRM is ensuring they are no less informed or effective when they’re out of the office.

Creating a Differentiated Experience

Perhaps the best benefits financial services firms can derive from Pivotal CRM are attributable to its flexibility. Although its microvertical solutions come pre-tailored to specific lines of business, they are also highly adaptable, enabling firms to model their own unique processes within the software, as well as to refine and modify the system in response to evolving needs. This flexibility also enables firms to craft a strongly individuated client experience and service model – helping them create competitive differentiation and combat the challenges of commoditization.

To learn more, visit www.pivotal.com/financialservices.